Fidelity International launches Bitcoin ETP in Europe

  • Fidelity International launched an exchange-traded bitcoin product in Europe to meet growing demand from institutions.
  • FBTC is listed on Deutsche Boerse today and on the Swiss exchange SIX in the coming weeks with a commission of 0.75%.
  • Fidelity International has operated as an independent company from Fidelity Investments for over 40 years.

According to a press release sent to Bitcoin Magazine.

The Fidelity Physical Bitcoin ETP will be listed on Deutsche Börse Xetra today under the symbol “FBTC” and on SIX Swiss Exchange in the coming weeks. It will carry an ongoing charges figure (OCF) of 0.75%.

Fidelity International has launched FBTC for its European institutional and professional investors looking for an easy investment avenue for Bitcoin following a Fidelity Digital Assets survey last year that found that seven in ten institutional investors plan to invest in Bitcoin. investing in cryptocurrency in the near future.

“Providing institutional and professional investors with access to this innovative asset class at a competitive price is our priority,” Christian Staub, managing director for Europe at Fidelity International, said in a statement. “FBTC offers clients an institutional-grade solution to enter the market in a familiar, simple and secure way.”

FBTC will be “physically backed” by bitcoins held by Fidelity Digital Assets, while Eurex Clearing will provide clearing services and Brown Brothers Harriman will act as administrator and transfer agent.

Fidelity International was originally established in 1969 as the international investment arm of Fidelity Investments, the Boston-based financial services giant with trillions in assets under management (AUM), but evolved into an independent company in 1980.

London-based Fidelity International manages more than $800 billion in assets for more than 2.52 million customers in Asia-Pacific, Europe, the Middle East, South America and Canada, the statement said. .